Fintech company CRED raises ₹8,550 crore from Meta

Non banking financial services company CRED has said that it will raise ₹8,550 crore ($900 million) in its Series H round led by tech company Meta, as part of its acceleration plans, and structured through a combination of primary and secondary share purchases.

CRED will raise this round at a post-money valuation of ₹43,239 crore ($4.5 billion) and a pre-money valuation of ₹38,819 crore ($4.03 billion).

Under the terms of the investment, Meta will join CRED as a minority investor and will not receive access to CRED customer information.

Cred’s founder Kunal Shah will step away from his operating role as CEO while retaining his personal shareholding in CRED. Shah will transition to the global leadership team at Meta while Miten Sampat, who has driven strategy and finance for CRED since 2020, will take over as interim CEO.

CRED has said that its platform has products that 17 million members engage with every month. Within a span of eight years its total business is said to have crossed ₹24,000 crore.